The Startup Competitions You Can’t Afford to Miss in 2019

Looking to pitch your idea at a startup competition?

You might have the greatest product or idea, but it takes a lot more to bring it to the market. You will be faced with many obstacles when launching a startup. Some of them include restricted assets and resources, worries of cash flow and the lack of exposure. One way to overcome these obstacles is by participating in startup competitions.

Participating in a startup competition could be one of the most powerful experiences for startups, especially in their early stages as it can help to bring their business to the next level. Even if the prizes are a great motivator to participate in such events, no one leaves empty handed. There is a lot to gain including possible investments, media exposure, and potential strategic partnerships.

In a previous post “The Startup Pitches That Won Incredible Awards“, we explained how to prepare an exceptional speech and get ready for a startup competition, along with a list of the winning startups and the prizes they won. But what are the perks and advantages that come with participating in such events and which events should you attend in 2019?

Valuer.ai has created the ultimate list with some of the best pitch competitions worldwide and the possible prizes and awards you can win in 2019.

Staying relevant is key

In the startup culture, pitch competitions have become increasingly popular. Wherever you are living in the world, there are events that revolve around pitching. The winners receive exclusive prizes like cash or funding, helping them to bring their business idea to reality. However, it could be costly and time-consuming to participate in such events as startups, at least some of the time, are required to pay a fee to enter.

There is no limit to the number of startup competitions you can attend. But if you are attending every event year after year without success, the judges and audience might question your idea and product. Therefore, before choosing which competition’s to enter, it’s necessary to evaluate the event and select which one is going to bring the most benefits to you and your business.

Most events and pitch competitions have their own themes and topics so make sure your startup is eligible and relevant. For example, if your startup can classify itself as a social enterprise, look for competitions in the relevant niche. Participating in big and general startup events could be exciting but sometimes the smaller industry events could bring morevalue to your startup.

The quality of the audience varies from event to event. How can you benefit from the audience? One of the attendees could be your next investor, partner, team member or even a product buyer. Be selective to make the best out of a startup competition. Choose the events where the audience is similar to your target market and the attendees are investors your business could benefit from.

27 Semi-finalists get all-expenses paid trip to China and grand prize is $25,000

TBA

Guanghzou, China

Where are these competitions located?

The perks of entering a startup competition

The prizes that come with your participation are only the tip of the iceberg. Even if you don’t win the grand prize, the opportunities that come with such events could benefit you tremendously. It isn’t always about winning, it is also about meeting the right people and receiving exposure. So if you are only looking to enter competitions for the prizes, open your eyes to the other possibilities.

If you are questioning whether attending a competition is worth your time, ask yourself “is this competition going to help us reach our goal?“. Depending if you are looking for some new partnerships, team members, a potential investor, or media exposure, would the event help you achieve any of these goals?

To better understand the advantages that could come with such events, Valuer.aihas listed the potential opportunities that come with presenting at startup competitions.

Winning exclusive prizes

The greatest motivator that encourages people to participate in startup competitions are the prizes. The prizes are different in each event and could vary from a couple of thousands to millions of dollars. Startups can take advantage of their prize and use it to scale their startup and move forward towards their goals and ambitions.

However, in many cases, the prizes are not limited to monetary ones. Some of the pitch competitions offer covered business trips to some of the greatest startups events in the world, entry to accelerator programs and access to co-working spaces and incubators.

Receiving constructive feedback

You might be thinking that your product is the greatest in the world and there is nothing stopping you from conquering the world. It is important to receive some feedback to know how others perceive your product and idea.

Perhaps the people sitting in the judging panel have years of experience in the field that allows them to detect any holes in your business that you need to address. Judges can often give you constructive criticism that will help you improve and guide you in the right direction. Even the potential clients can provide you with their insight and opinion on your product that will help you adapt or develop your idea further.

Unfortunately, feedback is often avoided and feared in the startup world. Entrepreneurs tend to gracefully accept positive feedback but at the sight of negative feedback, they become quite defensive. Lucas Pols, CEO, and Founder of Spark xyz, has highlighted the importance of feedback and how to receive it in order to benefit your startup.

In his words,

“If we can get back to listening to each other and truly hearing the other person, it could be the difference between your startup succeeding and failing.”

Growing your network

Startup competitions bring together extraordinary groups of highly-skilled entrepreneurs with different experience levels and backgrounds who are looking to connect with like-minded people, share their ideas and create long-lasting relationships.

You never know who you will meet during the event. One of the most commonly shared sayings among entrepreneurs is “Your network is your net worth.” And it’s true. As your business network is growing, you will realize that more and more doors are opening. A person you meet today might have a significant impact in the next few years.

Let’s not forget that many venture capitalists (VC’s) and angel investors attend such events looking for the next big thing to invest in. Meeting investors who will not fund your company could be valuable since they can lead you to other investors. Networking usually happens off stage at the exhibition or at the after-event parties the hosts are organizing.

Building your confidence

If there is one trait that you need as an entrepreneur, it is confidence. From the moment you decide to start a business, you have to believe in yourself and your ability to successfully make deals, negotiate with partners and lead your team. Investors are looking to invest in confident people that are sure of their products and ideas as its an indicator of their competence and credibility.

However, no matter how confident you are, pitching at a competition can be stressful. It is a personal experience, you have to bare your soul and in just a couple of minutes present your mission and vision in front of hundreds of people and expect to get feedback from top leaders. It won’t always be positive. However, going through the process can help you build your confidence even more. Later in life, you might look back and say “If I competed in a startup competition with that big of an audience, then I can do this.”

Mastering your pitch

Normally when participating in a startup competition you are given a set time constraint to present your idea in the most compelling way. And let’s face it – pitching is important! An entrepreneur should be able to convince the audience that the idea is great. If the audience doesn’t believe in the idea, who is going to buy your product?

Startup competitions force you to practice your pitch. It is a good way to start mastering the art of pitching. The more you practice, the better you get and the more people begin to believe in your idea.

At some pitch competitions, you encouraged to present a pitch deck – a brief presentation in powerpoint form which provides an overview of your business plan. Check out our post on the secrets to creating a great pitch deck for an in-depth checklist and examples of what to include in your pitch deck!

Gaining media exposure and free publicity

If they select your startup for the finals and you get on stage, all the eyes are on you. Especially when participating in startup competitions that are happening on a global scale and attract international visitors. Examples of such competitions are the PITCH-Websummit in Lisbon or Collision Pitch in Toronto. Big events attract local and global media. Expect to see journalists from many parts of the world attending such events, looking to write about the next success story or any honorable mentions.

In case your startup is among the winners, it is almost certain that your accomplishment will be written about. You will attract readers with you and your product. So don’t underestimate the power of a startup competition and the publicity that will follow. Don’t forget about the publicity you can get from the audience while you are on stage and presenting your product. The audience could be your target market and presenting in front of them could cultivate their interest and eventually lead them to become your first buyers.

Getting a spot at the exhibition

Most of the times the event hosts are giving to the participants their own exhibition booth where they can display the product in their own way. Having your own exhibition spot gives you more personal space and it’s a lot less nerve-wracking having one to one interactions than pitching your idea in front of hundreds of people, light beaming down on you, sweat patches visible for all to see.

Exhibitions are a great way to connect with fellow entrepreneurs that are in the same industry and can help you expand your network. Also, it’s a good opportunity to meet prominent Business Angels and Venture Capitalists that are wandering through the exhibition space and are looking to expand their business portfolio.

Being recognized for your hard work

You have been spending all this time and energy to bring your idea to reality because you are passionate about it and a strong believer that one day it will work out. Being an entrepreneur is not an easy task and many times you will be disappointed. The whole idea of entrepreneurship comes at a great cost whether it’s time, money or emotional investment.

When winning a startup competition, it can motivate you to keep doing what you are doing because it feels good to know that other people believe in your idea too. Winning creates a sense of purpose and identity and being able to say that you won a global competition makes you stick out from the rest of the pack.

Winning presentation tips

1. Practice – it’s true what they say – practice makes perfect! Practice your speech in front of the mirror, your friends, rehearse and refine continuously until it leads to the final presentation.

2. Tell the story and show the product – judges, investors, and media are human beings and they connect with a good story. Think of a good pitch just like a Hollywood movie – you need a cool intro, an engaging middle, and an epic finale. In his blog post, Paul Alex Gray is explaining how to use storytelling to win your audience.

3. Keep it short and simple – a winning pitch should be straightforward and simple, cut off the superfluous material and slides that don’t give any value to your proposition.

“You really need to be able to convey what you do in the first 30 to 60 seconds,” Sanjay Parekh

4. Be prepared – what would the judges possibly ask you? Watch videos on YouTube or read relevant articles that will help you prepare for any possible questions that may come up.

5. Know your numbers – backing up your idea with some stats will strengthen your credibility and will make your points stand out. How big is the market? Are there any competitors? What is the break-even analysis? What are the estimated revenues?

6. Be authentic – no one likes copycats! So be yourself and tell your story in your own unique way.

In conclusion

Startup competitions could take your business to a new level if done right. It’s important for you to evaluate each competition and participate where you think it will bring the most benefits.

Winning a competition is the cherry on the cake. There is a plethora of advantages and perks that come with your participation in pitch competitions such as networking opportunities, gaining media exposure and receiving feedback that should be not overlooked when applying.

Any new company requires fundraising along with self-promotion. A good solution to build your brand is by taking part in challenging events. Events like this are picking up in speed and gaining popularity worldwide!

VALUER.AI

In order to achieve this, Valuer developed a platform that uses crowdsourcing and artificial intelligence to detect, predict, evaluate and select startups that are particularly relevant to large companies.